FED:Beach seizes control of Impress

Oil and gas producer
Beach Energy
has secured majority control of
Impress Energy
, after making a takeover offer earlier this month.

Beach said its relevant interest in Impress was above 50 per cent and it was highly unlikely a rival bidder would emerge.

On December 6, Beach offered Impress shareholders 8.5¢ per share in the company, valuing Impress at $75.4 million.

The bid replaced an earlier proposal to merge the companies by way of a scheme of arrangement.

"We are pleased that so many Impress shareholders have taken the opportunity to accept the offer and would encourage remaining shareholders to do likewise," Beach managing director Reg Nelson said.

Beach said Impress shareholders should sell into the offer because it was highly unlikely an alternative bid would emerge, and remaining shareholders would likely have their shareholding diluted by future capital requirements.

"The remaining shareholders who do not accept the offer face potential share price risk and reduced liquidity once the offer closes," Beach told the stock market.

Beach has interests in a range of countries, but it is primarily focused on the Cooper and Eromanga basins in central Australia.